Sheng Yi Development Co.,Ltd (5455) AI Stock Analysis

Sheng Yi Development Co.,Ltd

(TPEx:5455)

Select Model

Rating:40Underperform

Price Target:TWD 28.00▼(-9.97% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is very low, driven primarily by a fundamental disconnect between reported profits and actual cash generation, with deeply negative operating cash flow posing a significant risk. This is compounded by a sharp decline in revenue, a negative P/E ratio, and bearish technical momentum with the stock trading below key moving averages. While the balance sheet has improved, it is not enough to offset the severe weaknesses in cash flow and growth.

Positive Factors

Recovered profitabilityProfitability recovered from losses in 2020–2021, with positive earnings and operating margins through 2025. This demonstrates an established ability to generate profits across recent periods, although the latest decline means the improvement is not yet fully stable.

Negative Factors

Weak cash generationPersistent negative operating and free cash flow despite reported profits points to weak earnings conversion and project-timing or working-capital pressure. Continued outflows reduce internal funding capacity and may increase reliance on debt or asset sales during weaker development cycles.

Sheng Yi Development Co.,Ltd (5455) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.04B
Dividend Yield: ―
Average Volume (3M): 16.99K
Price to Earnings (P/E): -49.5
Beta (1Y): 0.39
Revenue Growth: -99.39%
EPS Growth: -109.36%
Country: TW
Employees: 20
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Sheng Yi Development Co.,Ltd Business Overview & Revenue Model

Company Description

Sheng Yi Development Co.,Ltd, an enterprise established in 1980 and headquartered in Hsinchu City, Taiwan, primarily functions as a real estate developer with operations spanning both its home country and international markets. The company's extensiv...

Sheng Yi Development Co.,Ltd Financial Statement Overview

Summary

Financial performance is weak. The income statement shows a 53.6% revenue contraction, highlighting extreme cyclicality. The balance sheet has improved leverage but still carries substantial debt. Critically, the cash flow statement is deeply negative, with operating cash flow at -NT$493 million, indicating profits are not converting to cash and creating a reliance on external financing.

Income Statement

45Neutral

Balance Sheet

55Neutral

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.57M	2.04B	3.62B	1.62B	599.51M	62.93M
Gross Profit	5.26M	428.77M	652.59M	299.51M	112.49M	18.19M
EBITDA	-26.52M	307.27M	440.70M	184.95M	64.31M	-2.46M
Net Income	-41.55M	226.55M	382.05M	166.18M	59.73M	-6.10M
Balance Sheet
Total Assets	5.42B	4.13B	4.42B	5.47B	3.42B	2.25B
Cash, Cash Equivalents and Short-Term Investments	195.78M	7.08M	483.85M	341.52M	99.23M	108.05M
Total Debt	2.79B	1.70B	1.66B	1.40B	1.89B	776.19M
Total Liabilities	4.06B	2.75B	3.27B	4.70B	2.82B	1.71B
Stockholders Equity	1.36B	1.38B	1.15B	766.65M	594.08M	543.16M
Cash Flow
Free Cash Flow	-1.81B	-493.75M	-105.78M	729.15M	-1.12B	-1.01B
Operating Cash Flow	-1.81B	-492.94M	-105.78M	729.15M	-1.12B	-1.01B
Investing Cash Flow	-9.11M	-17.19M	-14.16M	-6.74M	4.73M	-990.00K
Financing Cash Flow	1.73B	41.99M	258.10M	-486.86M	1.11B	775.88M

Sheng Yi Development Co.,Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5455 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2901	68Neutral	TWD 1.80B	56.59	―	1.50%	1.66%	24.15%
TW:3512	58Neutral	TWD 2.14B	9.67	―	9.63%	-6.81%	92.51%
TW:3521	56Neutral	TWD 2.08B	7.16	―	―	-90.52%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3489	43Neutral	TWD 2.04B	7793.10	―	13.27%	-56.20%	―
TW:5455	40Underperform	TWD 1.96B	-49.48	―	―	-99.39%	-109.36%
TW:6222	39Underperform	TWD 2.09B	-61.24	―	―	-38.69%	20.60%

* General Sector Average

Performance Comparison

TW:5455 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5455	Sheng Yi Development Co.,Ltd	31.10	2.10	7.24%
TW:2901	Shin Shin Co. Ltd.	24.90	0.30	1.21%
TW:3489	Sun Brothers Development Co., Ltd.	22.60	5.91	35.43%
TW:3512	Huang Long Development Co., Ltd.	18.70	-0.35	-1.86%
TW:3521	TSG Development Co., Ltd.	11.10	-0.90	-7.50%
TW:6222	Li Hsuan Development & Construction Co., Ltd.	18.30	-1.60	-8.04%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Sheng Yi Development Co.,Ltd AI Stock Analysis